Vietnam: Property tycoon Truong My Lan sentenced to death after country's biggest fraud trial
The most extensive scam trial in Vietnam has resulted in a property magnate being given the death sentence.
State media reported that Truong My Lan was found guilty of embezzlement, bribery, and breaching banking regulations after a court in Ho Chi Minh City sentenced her on Thursday. This decision came after a trial that lasted one month.
The head of Van Thinh Phat (VTP), who is 67 years old, was charged with committing fraud worth $12.5 billion. This amount represents almost 3% of the GDP of the country in 2022.
Lan and her associates were accused of unlawfully managing the Saigon Joint Stock Commercial Bank (SCB) from 2012 to 2022, using numerous non-existent businesses and giving bribes to government officials in order to embezzle money.
According to investigators, Lan had been extracting large amounts of money through illicit loans to fake firms from the beginning of 2018 until October 2022, when the government rescued SCB following a surge in withdrawals.
The media in the state gave a lot of attention to the beginning of the trial and displayed multiple photos and videos of Lan being encircled by many police officers inside the courtroom.
According to prosecutors quoted by Thanh Nien newspaper last month, Lan refused to admit guilt and did not appear to regret their actions when faced with the charge of embezzlement. As a result, the prosecution is seeking the death penalty.
The outcomes are incredibly severe and irreversible, and as a result, Truong My Lan must face severe consequences and be banished from society, according to the statement.
According to VnExpress, Lan received a severe punishment because the court deemed the case to be very serious. They claimed that Lan was the leader of a well-planned and complex criminal organization that caused significant harm. Furthermore, the court argued that the funds stolen were unlikely to be reclaimed.
A relative, who wished to remain anonymous, informed Reuters news agency that they will continue to pursue legal action to explore available options. The relative had previously mentioned that Lan would contest the verdict prior to its announcement.
Thanh Nien reported that 84 individuals involved in the case were given varying sentences, which included probation and life imprisonment.
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VTP was one of the wealthiest real estate companies in Vietnam, and they constructed lavish apartments, workplaces, hotels, and malls.
The detention of Lan in October 2022 was one of the most prominent ones in Vietnam's continuous campaign against corruption.
The operation, known as "blazing furnace", has resulted in numerous top government officials and prominent corporate leaders being taken to court or compelled to resign from their posts.
In March, the ex-leader Vo Van Thuong stepped down from his position following allegations linked to the political drive.
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For a considerable length of time, Nguyen Phu Trong, who is the head of the current Communist Party, has promised to eliminate corruption within the nation.
He stated back in November that the battle against corruption would be an ongoing effort for a substantial amount of time.
